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Home Loan repayment Rebate U/s 80C

05 February 2009

Can a person claim repayment of home loan u/c 80C provided Loan a/c not in name of him ? let assume that Home loan a/c is in the name of parents then a son can claim this u/s 80 C if himself paying this EMI from his income.is it possible?

if not then pl suggest any alternative plan because if its not possible then he has pay EMI and Income tax both as well

pl reply fast

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3 Replies

Abhinav Agarwal (M.Com C.A SAP Consultant) (814 Points)
Replied 05 February 2009

Boss its too late.......Bank has already disbursed the loan after approval....

Son will not get benifit. Had there be Loan on joint name and son has given undertaking for the proportion of share for claiming deduction in Form 12C of IT Act, in that case he wal eligible for such deduction.

krishna (Asst. Manager of Account) (21 Points)
Replied 30 December 2010

sir

My interest on repayment of housing repayment amount rs 150000/- and principal amount is 57000/-, lic 70000/-, children tution fees Rs 27000/- pa , ppf rs 30000/- my salary is 325000/- kindly gide me how can i calculate my income tax

Thanks

Krishna